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Rest in Peace: College Closings

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Replies to: Rest in Peace: College Closings

  • doschicosdoschicos Registered User Posts: 12,506 Senior Member
    Most certainly. Millions of people are helping with that.
  • artie1artie1 Registered User Posts: 392 Member
    S is going to a smaller private college (about 1600) and D is looking at 3 different smaller colleges around the same size so this is concerning. Is there a site to go to in order to check the financial stability of schools? Hopefully one you don't have to subscribe to and that doesn't require your email address so you are hit with a million marketing emails?
  • Snowball CitySnowball City Registered User Posts: 1,215 Senior Member
  • cobratcobrat Registered User Posts: 12,091 Senior Member
    I dunno. I see some job creation happening for lawyers over the past weeks and going forward, especially those versed in constitutional law.

    If you're talking high profile non-profits like the ACLU, this trend will only benefit the tiny portion of law students/recent graduates who attended top-14 law schools AND graduated at least in the top quarter of their class or those who graduated within the top 5% or less in lower tiered law schools.

  • doschicosdoschicos Registered User Posts: 12,506 Senior Member
    edited February 11
    A rising tide lifts all boats. :) But, of course, top grads will do better as is often the case in all things.
  • MinnesotaDadof3MinnesotaDadof3 Registered User Posts: 167 Junior Member
    For a fascinating look (with photos) at the histories of 250 closed U.S. colleges, see the web-based 'America's Lost Colleges, Profiles of 250 Closed or Merged Colleges' by retired Mayville State University (N.D.) English Professor Paul Batesel. It is a real gem.
    http://www.lostcolleges.com/

  • eclptseclpts Registered User Posts: 30 Junior Member
    Bennington is in no danger of closing. Its enrollment is at an all-time high, and its financial situation has improved dramatically along with (how to put this nicely) the actuarial situation of its early alumnae (the school started in the 1930s and went coed in 1970).
  • Sam-I-AmSam-I-Am Registered User Posts: 423 Member
    edited February 14
    @eclpts, thanks for that information. I would suggest that future posts include links to articles to support any statement that a particular school may be closing or may be struggling financially. I suspect there are lots of such schools out there, particularly among less-known law schools. But please don't label any school as "troubled" unless you can support the statement with a link. Otherwise this thread runs the risk of starting unfounded rumors. :)]
  • Snowball CitySnowball City Registered User Posts: 1,215 Senior Member
    Bennington's endowment is up to a whopping $18 million dollars (up from $14 million a few years ago) aka peanuts. I know people with more money than that!

    They remain extremely dependent on tuition. Only 10% of students have financial need fully met. They hand out "merit" awards to at least 50% of the undergraduates. http://www.collegedata.com/cs/data/college/college_pg03_tmpl.jhtml?schoolId=128

    I found the 2016 Forbes college financial health ratings and it received a C . I am having trouble getting the link to post but it is easy to google.

    I don't think it is on the edge of collapse like it was a few years ago but it is not out of the woods.
  • MinnesotaDadof3MinnesotaDadof3 Registered User Posts: 167 Junior Member
    @SnowballCity: Here is the link to the 2016 Forbes college financial health ratings:http://www.forbes.com/forbes/welcome/?toURL=http://www.forbes.com/sites/schifrin/2016/07/06/forbes-2016-financial-grades-is-your-college-financially-fit/&refURL=&referrer=#73aaee707309

    Note that the St. Joseph's College in Indiana that plans to close June 1 was rated a 'C' by Forbes. That makes lots of private colleges look seriously at risk, especially if interest rates and inflation heats up.




  • BestfriendsgirlBestfriendsgirl Registered User Posts: 870 Member
    @MinnesotaDadof3 - This is fascinating! Thanks for the link.
  • hebegebehebegebe Registered User Posts: 1,642 Senior Member
    Bennington is akin to a sick patient that had a near death experience. While they are improving, they are only one minor setback away from closing.
  • twoinanddonetwoinanddone Registered User Posts: 12,958 Senior Member
    Sweet Briar has an A on this report. Somehow I don't think that a school that was on the brink of closing two years ago, lost half its students, is suddenly financially secure.

    The schools may not report their money exactly the way Forbes thinks is best. I notice all the Concordias have C's and yet I don't think they are all about to fail. Many of the catholic and other religious schools have C's. Maybe they just find it better to handle their accounting in a different way?
  • Snowball CitySnowball City Registered User Posts: 1,215 Senior Member
    edited February 15
    I read yesterday in a article that I can't find today that Sweet Briar was able to get some of the restricted endowment unrestricted. Their endowment restrictions were discussed on CC in depth back when all this was happening.

    SB might be able to fully rise form the dead. Note how much more money they have versus Bennington
    http://www.roanoke.com/opinion/editorials/editorial-sweet-briar-s-comeback-continues/article_bb6cab5b-27cb-560e-a901-32d1457b492b.html
    "...The old board had been spending down the school’s endowment at alarming rates and decided to close the school before the money simply ran out. Since Stone and the new board took over, Sweet Briar hasn’t spent any of the endowment. Not one penny. The fund stands at a very respectable $70 million, which ranks it bigger than many small colleges nearby – bigger than Ferrum College, bigger than Mary Baldwin University. The conclusion seems inescapable: Sweet Briar was never really in trouble; it was just badly managed. That’s been fixed.

    One reason the old board was spending down the endowment was that it wasn’t raising enough money, or recruiting enough students. Many feared that the initial burst of alumnae enthusiasm during the fight to take over the school would fade. It hasn’t. Under the old board, the school was raising less than $1 million a year. In the last fiscal year, the school raised $28 million. Stone – who spends three to four days a week on the road meeting alumnae – says he’s on track to meet this year’s goal of $20 million. Next year, the goal drops to $16 million – as, presumably, the number of students increases. Why such success? A lot of alumnae simply hadn’t been asked to give. Now they are. “I went to see five women I’d never met and asked each to give a million dollars, and they did,” Stone says. With such prodigious fund-raising Sweet Briar has also been able to pay down nearly half of the debt it had run up.

    Increasing enrollment will take longer. Sweet Briar reopened with 248 students. This year, enrollment is up to 376. The goal is to get to 800, which will obviously take years to achieve. One thing holding the numbers down is that the incoming class for fall 2015 had been turned away. About 30 students came anyway once the school stayed open, so there’s now an undersized sophomore class moving through the system. By contrast, the school brought in 175 new students for the current school year, and deposits for next year are running ahead of schedule..."
  • MinnesotaDadof3MinnesotaDadof3 Registered User Posts: 167 Junior Member
    Stillman College, Tuscaloosa, Ala., is on the verge of closing. See link to the April 17, 2017, Wall Street Journal article about the 570-student historically-black college.

    https://www.wsj.com/articles/stillman-college-faces-uncertain-future-as-education-department-debts-linger-1492344000
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